A memorandum of understanding (MOU) for the establishment of a Saudi-German Business Council (SGBC) was signed on Monday, according to Andreas Hergenroether, delegate of German industry and trade in Saudi Arabia and Yemen.
“The MOU is important because it helps to strengthen further the bilateral ties between the two countries and promote the transfer of know-how and technology as well as in expanding trade between the private sectors of the two countries,” he said.
The MOU was signed by Abdullah Al-Mobty, Council of Saudi Chambers (CSC) chairman, and his German counterpart, Eric Schweitzer, German Chambers of Commerce and Industry (DIHK) chairman.
The MOU signing was held during the forum organized by the CSC and DIHK in Berlin. The German Saudi Arabian Liaison Office (GESALO) was co-organizer.
Hergenroether added that the forum aimed to provide information on business opportunities as well as in establishing closer political links between the Kingdom and Germany. It also focused on infrastructure and energy.
He added that for the first time, the Kingdom's ongoing and planned projects hit the $1 trillion mark in October 2013 and remains number one in the MENA region.
“There's still strong potential for further cooperation due to the large investments in infrastructure, petrochemicals, energy, mining and education,” he added.
Stefan Kapferer, state secretary of the Federal Ministry of Economics and Technology, addressed the forum on behalf of the German government while Prince Saud Khalid bin Al-Faisal, deputy governor for investment affairs at the Saudi Arabian General Investment Authority (SAGIA), and Khaled Ahmed Juffali, designated representative of the Saudi German Business Council (SGBC), spoke for the Saudi side.
The delegation also included Mohammad A. Alazzaz, general manager of the value parks department of the Sadara Chemical Company, and Khalid Ahmed Hamed Al-Ahmadi, general manager for planning, strategy and business development of the Saudi Arabian Mining Company (Maaden), who talked about the huge potentials in the petrochemical and mining sector.
Kingdom, Germany to set up joint business council
